Round Led by Christiana Care Health System, Summation Health Ventures and the Texas Medical Center with Participation from Current Investors HealthX Ventures and Cultivation Capital
NarrativeDx, the AI company that provides actionable insights from patient and provider feedback, announced a round of strategic funding led by Christiana Care Health System, Summation Health Ventures and The Texas Medical Center. Also joining the round are HealthX Ventures and Cultivation Capital, who participated in previous rounds of funding. NarrativeDx grew revenues 477% last year and will use the funds to accelerate sales and marketing, product innovation, talent acquisition and continued growth.
“NarrativeDx transcends reputation management by creating a full patient and employee experience management platform,” said Juliana Garaizar, Director, TMC Venture Fund. “Its ability to produce actionable insights from reviews where others only saw white noise can significantly impact the ROI of many of our healthcare institutions.”
NarrativeDx uses patented AI to identify actionable insights from patient and provider feedback that improve patient satisfaction scores, increase operational efficiency and decrease employee turnover. NarrativeDx helps healthcare leaders go beyond survey scores by analyzing comments from satisfaction surveys, grievances, online reviews and employee engagement surveys to help health systems provide excellent experiences that drive significant improvement in financial performance.
“Our unique ability to identify what matters most to patients and providers is changing the game for today’s healthcare leaders,” said Kyle Robertson, Founder and CEO of NarrativeDx. “Our success in identifying insights that drive improvement has fueled our rapid growth to over 100 clients nationwide.”
NarrativeDx has helped healthcare leaders hear over 11 million patient voices and generate real results such as:
- 30% increase in Likelihood to Recommend Scores
- $400,000 increase in Value Based Purchasing
- 80% reduction in patient feedback analysis effort
- 21 CAHPS measures improved in 90 days
- 90% reduction in lab wait times
- Complete consumer-centric redesign of oncology processes
- 9% increase in referral volume
“Our investors’ show of confidence reinforces that NarrativeDx’s value proposition — hearing the voice of the patient and provider — is revolutionizing how organizations discover insights from feedback,” said Robertson. “We’re eager to work with Christiana Care Health System, Summation Ventures and the Texas Medical Center to grow our customer base.”